Read this piece by Jessie Eisinger of ProPublica. Eisinger begins by noting that there's a lot of discussion about the revolving door between industry and agency appointees. He refers to one instance that's gotten a lot of press: Mary Jo White's appointment to head the SEC. Aftter serving "as a tough United States attorney," Eisigner says, "Ms. White spent the last decade
serving so many large banks and investment houses that by the time she
finishes recusing herself from regulatory matters, she may be down to
overseeing First Wauwatosa Securities." But Eisinger then turns to revolving doors that often go unmentioned:
Ms. White maintains she can run the S.E.C. without fear or favor. But
the focus should be limited to whether she can be effective. For
lobbyists, the real targets are regulators and staff members for
lawmakers. Ms. White, at least, will have to sit for Congressional testimony,
answer occasional questions from the media and fill out disclosure
forms. Staff members, however, work in untroubled anonymity for the most
part. So, while everyone knows there’s a revolving door — so naïve to
even bring it up! — few realize just how fluidly it spins. (emphasis added)
Eisenger then goes on to describe some interesting examples. Worth reading.
The revolving doors that exist between the financial sector and the regulators who are supposed to police them keep spinning faster and faster.